New for 2018: In addition to IRS e-Filing of partnership tax returns, this year ICLUBcentral has added e-Filing for New York Stateat no additional charge. With e-Filing, there's no need to print and mail your return -- with a click of a button, your return is automatically and securely submitted to the IRS or New York State server. You'll receive a confirmation when your return is accepted by the IRS or state establishing the time and date of your timely submission. e-Filing is included free with your myICLUB Club Federal or State Tax Printer.

Remember, IRS Regulations have changed, and your club's 2018 return is due March 15, 2019. Many states are using this new IRS deadline as well. Avoid the rush. Get your investment club ready for Tax Season early and order your Federal and State Club Tax Printers from ICLUBcentral -- the #1 tax preparation software for investment clubs.

Club Accounting 3.2 Tax Printers can only be purchased as a download -- we no longer ship pressed CDs. Club Accounting Online Tax Printers will be accessible under the Taxes tab on your myICLUB.com website following purchase.

Frequently Asked Questions about Investment Club Tax Preparation

Does my investment club have to file a tax return with the IRS?

While investment clubs that are formed as general partnerships do not have to pay taxes directly to the IRS, every investment club must file an informational return with the IRS. It doesn't matter how new your club is, whether or not you had any income during the year, whether or not you bought or sold any securities -- you must still file the appropriate forms with the IRS.

What forms do I have to submit?

To file your club's Federal tax returns with the IRS, you'll need to complete three different kinds of forms. Form 1065 is used by General Partnerships (like your investment club) to file their taxes with the IRS. It's what is called a "pass-though" document -- it allows the liabilities of the total tax due to be "passed-through" to the members of the partnership.

Schedule D is part of Form 1065 and covers the Capital Gains and Losses for your club. Schedule K-1 is an individualized report specific to each member of your club covering their individual share of the tax liability. Each member receives their own Schedule K-1 which they must submit to the IRS with their personal tax returns.

Tax filing procedures differ from state to state. Some states do not require investment clubs to file returns, while others provide stiff penalties for investment clubs that do not file. Contact your state's tax agency (such as the Department of Revenue or Department of Taxation) for more information about your particular state's requirements. Note that tax laws do change, so even if a state did not require filings in the past, they may have changed their requirements for the 2015 tax year.

Please note that even if ICLUBcentral does not offer a State Club Tax Printer for your state, you may still need to file a state return, so check with your state tax agency for specific requirements.

Finally, an increasing number of states require partnerships to file a return if the partnership has any partner who resides in that state, regardless of where the partnership is officially located. This may require some clubs to file with more than one state tax agency. To determine whether or not your club needs to file in adjacent states, please contact the appropriate state tax agency.